Introducing Debt Management Plans
In essence a Debt Management plan will enable you to pay one single lower monthly repayment to all of your unsecured creditors making it easier and more manageable to pay back your debts. A request to your creditors will be made to freeze all interest and charges for the duration of the plan.
If accepted, you will make one monthly payment which will in turn be distributed amongst your creditors on a pro-rata scale. Your creditors will be managed on your behalf so you don't have the stress and hassle from your creditors to worry about.
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Repay only what you can afford each month
Calls from angry creditors will gradually reduce as your plan takes effect
Make one payment each month
We handle all communication with your creditors
A debt management company will handle all communication with your creditors and also negotiate to reduce repayments and freeze interest and charges on your behalf.
No hidden costs. All fees are clearly explained by your advisor at Debt Release Direct
All administration charges are covered in your monthly payments
All unsecured debt included in the plan will be paid upon successful completion of the plan
As with most cost saving plans there may be some disadvantages as below:
Sometimes the total sum of debt to be repaid can increase and the total repayment period usually takes longer.
Your creditors are not obliged to accept offers made for a debt management program.
A debt management plan will not improve your credit rating, which will be affected for up to 6 years.
Failure to maintain payments on a debt management program may result in your creditors breaking off arrangements that were initially made at the start of your debt management program .